We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of return, so he's not willing to put it out at less than 10% now. But if we knew interest rates would stay at 1%, we'd change. Our hurdles reflect our estimate of future opportunity costs.

Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.

Expect hogs to eat a lot more in the presence of a lot of hog wash.

The liabilities are always 100 percent good. It's the assets you have to worry about.

Don't do cocaine. Don't race trains. And avoid AIDS situations.

You must value the business in order to value the stock.

Capitalism is a pretty brutal place.